The 7 Major Steps in the Process
1. You submit the information for your Application using our simple online form, or we can collect the information over the phone if you prefer. If the insurer allows electronic signature, we’ll collect that from you. Otherwise, we’ll send you a hard copy of the paperwork to sign via FedEx overnight. Once you’ve signed the application, you’ll use the prepaid return label we provide to send one copy back to us and one copy to the insurer (or to Financial Independence Group, our insurance processing partner in North Carolina).
2. Your completed application (which may include an illustration and transfer request paperwork, but more on this later) must be accepted by the insurer In Good Order.
3. The insurer conducts a review of the information provided by you in order to ensure the annuity product’s Suitability for your particular situation.
4. Next, the Transfer Request is submitted to the transferring entity. Depending on your source of funds, this could be your bank, your brokerage account, your 401(k), or the insurer that holds your existing annuity. If you decide to fund your policy with a check, there won’t be any Transfer Request.
5. Once funds are received, the Policy is Issued.
6. As the agent, we usually receive the policy first, confirm its accuracy, then send it to you, at which time Policy Receipt has occurred.
7. By law, you have at least 10 days as part of the Free Look Period from the time of Policy Receipt to reject the policy. Free Look Periods can vary by state and insurer, but are never shorter than 10 days.